New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-31
GEORGE H. PELL ARRESTED.
n,,,ur GET MONEY ON FALSE PRETENcEsi
~, sroKrs SAYS THE PRICE OF BONDS ON WHICH
HE LENT PELL MONEY WAS FICTITIOUS

-, .roxrs says THE PRICE OF BONDS ON WHICH
HE LENT PEIL MONEY WAS FICTITIOUS
METER IN TROUBLE, TOO.
George H. Pell of the firm OF Grovesteen d Poll Ex'
change place who failed recently, was arre'eo yoscr
Asy By Deputy sheriff McGouiral. The conpainans are
walter C. stokes and John r. Thompson Of the nrm OF
w. stokes Co., and order Of arrest was granted
bv Judge Donohue The compliments desire TO recover
o2o 600 damages. The affidavit made by Mr.. Stokes
states that about 220 August % MI Grovestecn
ssed Mr. Stokes the floor Of the Stock Exchange 70
lend him $4,000 call at per cent Mr.. Stokes sad
that his firm would lend the money on good security
oroyesteen promised to give this At PAS M the Sc
curties were brought to the office OF Stokes Co. by MI
Pell They consisted Of four 81. 600 frst moftsaso ~
Of the Rome and Decatur Railroad Company anu '"e,
u 900 first mortgage consolidated oonos Oh .ho s
West Alabama Railroad Company. Tho oasnero' osones
Co Objected to tho securities. Mr. Pei ssserteo 'naI
sh.~ were GOOD rhsy were shown to Mr.. Stokes. who
All. tn bs did not know anything about the bonds ana
asksd ~ they were listed the Stock Exchange MI
Pail sad that they and that six OF them hsd oeen
aid that day at 100 Mr. stokes still demurred ana mr.
Pen said emphaticaiy "Those bonds are all rigne
Yen can bot your life that they are perfectly good
bonds"
On these representations the loan was made.
On the following day the loan was called
and was not responded TO- Ihcn tuey
we're offered for sale the stock Exchange at prices
ranging from 100 down to IS, without ecitins any
Exchange and the latter said that he need not be
alarmed the loan would be paid On the same day
0rpyesteen h Pel failed and made an assignment TO
Philip W. Harding Mr. Stokes charges that II any SAFE
Of the bonds made the Exchange 1t was hctous
and that the representations OF Grovesteen and Pel
were false Bail was fIsd at $4,000 The suretes for
Mr. Poll are John Anderson, of No go West seventysec-
spdst and G. Silver. of No. l35 West seventy-sixth
st Holmes & Adams the plaintiffs attorneys
The arrest OF Mr. Pe brings up question for tho
ACCESSION OF the courts. 1t is simply whether
neatious quotations may be made az the
Stock Exchange without mourning nao'y
for obtaining money under false pre-
tesces made on the basis OF the artificial
prices Mr. Pel president OF the East and est Ra
nsE borrowed large suns OF money on tne company
bonds small loan Of So 900 was made by w. stokes
were offered fer sale under the rule They quickly
fen from iSs At wnos ssy were
drew his He asserts that the ruling price OF
around the figure what known technically as
tire is old 1t Is only because the courts have never
dssiaed it is understood tins. Judge Donohue signed
Meter somewhat similar grounds This suit WA,
brought on account OF an r, old claim sspaiSs
cs,'on of securities The hrm ,o Was r.sr,S com 3.r
Tsa 81 sheT two days: The
hiding place OF Gabriel not kpowu but Albert turned
h. was the broker Of H. S. Ives Co the purchase Of
ths control Of the Cincinnati Hamilton and Dayton Rail-
roas After the bulk Of the claims against him had been
ssnied Mr.. Meter returned TO Newfork few months
ago aud now office at No. IL wal-st IL may De
thar the possible OF the great Baltimore and Ohio
dee conducted by his friend Ives encouraged him to
rosane business In NewYork Examples OF even greater
forgetfuness are wanting In Wall street lie said
have begun carefully however and TIE backing OF BIS
friend Ives did not TO be sufficient for tue starting
of ia the institution principally patron
Tied by Ives Co So tar as can De learned he urn mas
NO NewYork bank account but settles its transactions
through q Stock Exchange firm by drafts on
Cincinnati. The involved In this particn-
lar case Is about $4,000 and Mr. Meter
Il supposed to se In the care OF deputy
sheriff while looking for the $4,000 bail imposed by
JUdge Donohue Other claims are outstanding against
him II is certain that he did not entertain high
ho,es OF being Stock Exchange firm by the purchase
Of membership for some young and inexperienced
The a.signees OF Henry g. Ives Co. and Grovesteen
Pcll ready to make formal statements OF the
condition Of firms yesterday In behalf OF Assignee
il was said that the detailed statement Of Ives
Co. might be resiy Ia day two aud that the delay
wac due wholly the expert accountants engaged in
the examination OF the accounts. Philip W. iarung as
sisnee Of Grovesteen Pel said that he had not been
AHA 10 get from some OF the banks to which
the firm was indebted.